Building sales of new developments rising

New York /
Oct.October 11, 2010 09:30 AM

Robert Knakal (left) and Kenneth Horn

After slumping in 2007, the market for new developments is beginning to bounce back, Crain’s reported. In Manhattan, the number of such sales nearly tripled to 16 in the first nine months of this year from the same period in 2009, according to Massey Knakal Realty Services. The average price more than doubled, to $38.75 million. Citywide, the number of sales grew 73 percent, while the average price also more than doubled, hitting $10.5 million.
“People are just more confident there is going to be an upswing in the economy,” said Robert Knakal, chairman of Massey Knakal. The growing number of building sales began to pick up late last year. Through the first nine months of 2010, the value of commercial property sales closed and under contract in Manhattan totaled $9.4 billion, up 168 percent from the $3.5 billion in deals completed all of last year, according to Cushman & Wakefield. According to residential developer Kenneth Horn, president of Alchemy Properties, “now is a really good time to buy.” Four months ago, he bought a development site at 35 West 15th Street for $16.6 million, according to city records, roughly 40 percent less than the owner wanted three years earlier. [Crain’s]

 

Related Articles

arrow_forward_ios
Carmel Partners picks up UES dev site
Carmel Partners picks up UES dev site
Carmel Partners picks up UES dev site
Finding Forrester
Finding Forrester
Finding Forrester
Cushman & Wakefield's Brett White and John Forrester
Cushman explains its high hopes for WeWork partnership
Cushman explains its high hopes for WeWork partnership
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
Cushman acquires 40% stake in Greystone lending business for $500M
Cushman acquires 40% stake in Greystone lending business for $500M
Cushman acquires 40% stake in Greystone lending business for $500M
Cushman predicts widespread return-to-office in early 2022
Cushman predicts widespread return-to-office in early 2022
Cushman predicts widespread return-to-office in early 2022
The New School’s Eugene Lang College at 118 West 13th Street and Martin Nussbaum and David Schwartz of Slate Property Group (TNS, Slate)
Slate snaps up New School dorm in Greenwich Village for $23M
Slate snaps up New School dorm in Greenwich Village for $23M
WeWork CEO Sandeep Mathrani and Cushman CEO Brett White (WeWork, White by Louise-Haywood Schiefer)
WeWork, Cushman negotiating $150M partnership
WeWork, Cushman negotiating $150M partnership
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...